Aldermore(http://www.aldermore.co.uk/), one of Britain's leading
challenger banks and a participant in the government's National Loan
Guarantee Scheme, is pleased to announce that it has successfully
raised GBP 36 million of new capital.
The investment was made by funds controlled by Centerbridge Partners,
L.P., a leading private investment firm, which acquired Tier 2 bonds
issued by Aldermore bank plc. This represents Aldermore's second
successful capital raise in less than a year after the bank secured a
GBP 62 million equity investment from a number of blue-chip investors
last September. This investment strengthens Aldermore's position as
one of Britain's most strongly capitalised banks.
The new funds will enable Aldermore to continue to meet the strong
demand for its high interest savings accounts, instant access savings
and services from both retail customers and small and medium sized
enterprises (SMEs), whilst retaining its focus on credit quality.
Aldermore now has 65,000 retail depositors, 4,300 residential mortgage
customers, and has lent GBP 812 million to over 10,000 SMEs.
Phillip Monks, Aldermore's Chief Executive, said: "We are delighted to
secure the participation of another blue-chip investor - and for the
ongoing support from our founder investors, AnaCap Financial Partners
and Morgan Stanley Alternative Investment Partners. The new funds
provide us with the opportunity to do even more to champion Britain's
small businesses, the lifeblood of our economy. Our strong capital
position also enables us to look at a number of new product and
service launches to further meet the needs of our customers. I would
like to thank all our investors for the confidence they have shown in
Aldermore as we strive to do things differently."
With equity backing provided by funds advised by AnaCap Financial
Partners, Morgan Stanley Alternative Investment Partners, Goldman
Sachs Asset Management, Honeywell Capital Management, and Ohio Public
Employees Retirement System, Aldermore is dedicated to responsible
lending to UK homeowners and small and medium sized businesses
Aldermore raises funds primarily through customer deposits, is not
dependent on the wholesale, securitisation or international capital
markets and has not been involved in any banking activities or the
marketing of any exotic products which have been the cause of problems
for so many financial institutions.
As a British bank, Aldermore is regulated by the Financial Services
Authority and is registered under the Financial Services Compensation
Scheme, which means customers' savings are protected up to the
statutory limit of GBP 85,000 per person. Aldermore is also a member
of the Council of Mortgage Lenders.
Aldermore's total balance sheet assets currently stand at GBP 1.7
billion and this is growing at approximately GBP 70 million per month.
The Bank's balance sheet is forecast to close in 2012 with assets of
GBP 2.5 billion.
Since 2009, Aldermore has lent GBP 812 million to over 10,000 SMEs. It
funded GBP 1.6 billion of client invoices through its invoice finance
business in 2011.
Aldermore has made available to over 4,300 people loans for
residential mortgages, totalling GBP 574 million.
Aldermore has retail deposits of GBP 1.5 billion and over 65,000
account holders. The bank broke even in June 2011 after only two years
of trading, two months earlier than planned.
Centerbridge Partners, L.P. is a private investment firm with offices
in New York City and London and approximately $20 billion in capital
under management. The firm focuses on private equity and credit
investments. The firm is dedicated to partnering with world-class
management teams across targeted industry sectors to help companies
achieve their operating and financial objectives.